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Poll: 60% support tax hikes on people who earn more than $250,000

Even 39 percent of Republicans support raising taxes on households making more than $250,000. Independents favor such a move by 21 percentage points, 59 to 38 percent.

Only 38 percent buy the GOP argument that raising taxes on households earning over $250,000 per year will have a negative impact on the economy. Fifty-eight percent do not…

According to the poll — taken from from Dec. 2 to Dec. 6 — 69 percent of respondents oppose raising taxes on small businesses that earn more than $250,000 — a group that the GOP is trying to protect with its push to extend the Bush tax cuts.

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If by “achievement” you mean income, which is what your question implies, no, I do not believe a higher marginal tax rate for income over $250,000 will deter such “achievement.” Why would it? If I earn an extra $100,000 and it is taxed at the top Clinton rate of 39.6 percent rather than the current rate of 35%, I keep $60,400 rather than $65,000. Either way, earning a higher pre-tax income leaves me with higher after tax income. The $4,600 difference in tax paid is not going to induce me to give up the $60,400 in extra income I would keep.

If by “achievement” you mean income, which is what your question implies, no, I do not believe a higher marginal tax rate for income over $250,000 will deter such “achievement.” Why would it? If I earn an extra $100,000 and it is taxed at the top Clinton rate of 39.6 percent rather than the current rate of 35%, I keep $60,400 rather than $65,000. Either way, earning a higher pre-tax income leaves me with higher after tax income. The $4,600 difference in tax paid is not going to induce me to give up the $60,400 in extra income I would keep.

Of course not, but no one is proposing that, are they? They are proposing an adjustment of a few points only on that portion of income over $250,000. Given that the deficit and debt need to be addressed, and that addressing them solely by budget cuts is not favored even by the vast majority of conservatives, some tax revenues need to be raised. This seems to me the best way of raising some revenue while avoiding cuts that would harm the most needy. What’s your plan?

Sorry, had to drive a batch of kids all over town. With regard to your question, look, of course there is some level at which taxes become so confiscatory that working becomes unattractive. However, we are not close to that point yet and, given the real need to start paying down our debt, this is the best plan I can think of. I note that you did not provide any alternative ideas. Nevertheless, I do appreciate your willingness to engage on the issue without (too much) acrimony.